As a rational person, you might assume that during these recessionary times, Congress is busy cutting waste and excess from a corrupt, bloated and inefficient government. And you would be wrong. The land of milk and honey is now the land of “milk it for all it’s worth”. Our power hungry politicians are busy buying votes and expanding the entitlement state:
Senators agree to extend homebuyer tax credit
Senators agreed Wednesday to extend a popular tax credit for first-time homebuyers and to offer a reduced credit to some repeat buyers. The tax credit provides up to $8,000 to first-time homebuyers but is set to expire at the end of November…Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years…
Treasury considers billions more in taxpayer money for GMAC
As a deadline looms for GMAC to prove it has enough cash on hand to pass the government’s stress test for the largest banks, the Treasury is considering injecting another $2.8 billion to $5.6 billion into the company…This would be the third government cash infusion for GMAC, a bank holding company that was formerly the lending arm of General Motors.